Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0229%/8h= +25.1% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against Kalshi−0.216%7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 7 days+0.152%+$15 · spread now −0.216%, 7d avg +0.068%

Together, before fees+0.402%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.284% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.216% now, against its 7-day average of +0.068%). If the spread goes back, that is −$28 on $10k: about 4.1 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXLINKPERP	12.899	0	get 0.0000% / 8h	6h 34m	$506K	$2.3M	3.7x
Short	Hyperliquid LINK	12.871	0.0229	get 0.0029% / 1h	34m 30s	$80.1M	$27.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee HyperliquidbpOrdersPrice spread, now −0.216%Rate

Funding earned: $48.13
Price spread: −0.216% → +0.068%: −$28.43
Slippage, 4 orders: −$16.52
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.82
Costs to cover: 0.355%
Break-even: 9.3 days

Slippage from Kalshi: live order book, 4 min ago; Hyperliquid: live order book, 9 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 4 min ago	6.18 bp	11.2 bp −$11	16.5 bp −$165	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.39 bp	6.7 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit

LINK on 40 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.897	−0.014%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERPlong	0.0000%	8h	12.899	long leg	$506K	$2.3M	3.7x
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.897	−0.015%	$155K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.868%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0048%	8h	12.892	−0.053%	$97K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.887	−0.088%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.856	−0.334%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.855	−0.342%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.854	−0.348%	$343K	$342K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.860	−0.305%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.857	−0.323%	$274K	$186K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.854	−0.348%	$118.5M	$302.3M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.850	−0.379%	$82.9M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.852	−0.364%	$27.2M	$80.1M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.872	−0.209%	$180K	$167K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.851	−0.371%	$123.9M	$14.9M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.857	−0.325%	$32.9M	$57.1M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.859	−0.309%	$22.6M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.851	−0.371%	$53.6M	$30.4M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.855	−0.340%	—	$22.6M	—	as long as short
Backpack LINK_USDC_PERP	+0.0100%	1h	12.895	−0.030%	$336K	$392K	15x	as long as short
Variational Omni LINK	+0.0100%	8h	12.873	−0.205%	$3.3M	$1.6M	—	as long as short
edgeX LINKUSDC	+0.0100%	4h	12.869	−0.228%	$43K	$307K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.880	−0.147%	$589K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.877	−0.170%	$132K	$673K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.902	+0.024%	$81K	$71K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.898	−0.009%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.914	+0.113%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.897	−0.015%	$10K	$64K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.867	−0.250%	$631K	$678K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.850	−0.380%	$625K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.902	+0.024%	$541K	$2K	3x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.884	−0.116%	$916K	$2.8M	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.892	−0.053%	$5.2M	$15.8M	75x	as long as short
Hyperliquid LINKshort	+0.0229%	1h	12.871	−0.216%	$80.1M	$27.6M	10x
Deribit LINK_USDC-PERPETUAL	+0.0246%	1h	12.906	+0.059%	$792K	$233K	50x	as long as short
Kraken Futures PF_LINKUSD	+0.0278%	1h	12.900	+0.006%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0395%	1h	12.896	−0.025%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0571%	8h	12.907	+0.063%	$19.9M	$11.2M	50x	as long as short
dYdX LINK-USD	+0.0793%	1h	12.860	−0.305%	$343K	$33K	10x	as long as short